NetEase (Cloud) Music, developed and owned by NetEase Inc (NTES: NASDAQ), Tencent Music's biggest rival in China, will soon submit its Form A1 for a Hong Kong IPO, aiming to raise HK$7.036 billion.

According to sources, the maximum offering price is set at HK$330 per share.

The music streaming platform will offer 21320,000 shares worldwide, accounting for 10% of its total share capital. Of these, 2,132,000 shares will be offered in Hong Kong, and the remaining 19,188,000 shares are for the global.

The underwriters of the IPO are China International Capital Corporation Limited (CICC), Bank of America, and Credit Suisse Group.

For the above news, NetEase Music said no comment.

(US$1 = HK$7.7623)